Condo Owners have had 3 years to get the SIRS and milestone inspections done. These owners would rather risk another building collapse than to pay the higher fees. If they can't afford to live in a condo, then SELL the condo. These owners have been putting off maintenance for 30 years.
@@Andy_puglife yes, over 100 people are dead because the condo owners of that building didn’t want to spend the money on maintenance and safety. The boring improvements, the structural stuff, yes it’s stressful, so is losing your loved ones in a preventable building collapse..
LOL - yeah, because if people who own a glorified apartment can't afford an EXTRA $10k a month for the last 3 years, then they deserve it, amirite? because thats what that ignorant statement effectively states.
Exactly. We had our report done in 2022, and that came in handy when Ian hit, and we needed to recertify safety before power came back on. Some COA boards are dawdling. The financial problem was caused by rules allowing owners to defer reserves. No longer. Surfside was a tragedy caused by mismanagement.
Its tough to get ready for the milestone when insurance is the most expensive line item on any multi-family condominium structure’s annual budget in Florida and premiums have gone up between 35-60% every year since in the three year span you highlighted. The hardware industry for construction materials also inflated their prices during the onset of the pandemic due to scarcity in production because of social distancing, however that’s not an issue anymore and these materials manufacturers haven’t dropped their prices. Let’s not get into how inflated materials pricing affects your replacement cost when calculating your property insurance. That might be too much for you right now. Make no mistake: the responsibility as to why we’re here is on the State and the Counties; not the condo owners. This level of regulation should have arrived 32 years ago after Hurricane Andrew. The new legislation was conceived under pressure due to so many properties that are the same age as the collapsed Champlain Towers South of Surfside FL being in the same condition. They were asleep at the wheel for 30+ years and KNEW that homeowners were waiving reserve funding for capital expenditures year after year. The State and every coastal county put every property owner in their jurisdiction in this situation.
Building structural integrity inspections should have been on going for the life of the building. Buildings with issues where Inspections have been sidestepped by COA’s because the owners did not want to pay for inspections or repairs is on the COA. This is the “pay me now or pay me later” plan. Sellers of condos must disclose any condition to buyers that affects the value of the unit/home, before the purchase. Also, buyers of condos managed by COA’s in the state of Florida, once a purchase contact has been executed, have 3 days to review the condo docs and cancel the contract with no penalty, for any reason, if they decide to walk on the purchase. This is why it’s extremely important for buyers, whether you are buying, a single family home, a townhome (HOA) of condo (COA) have your own representation on the buy side of a Realestate transaction. What the new law in Fl did was expose how poorly managed and flawed COA’s can be. Allowing home owners to be in charge of a COA is like allowing the fox to guard the henhouse. “Caveat Emptor”!
But these so called "SIRS INSPECTIONS" were never a thing until recently. Had they been part of the deal when people bought, mamy would not have bought. All due to one building on the beach having a section collapse, suddenly this is a sudden change. Not fair. Actually, thug like.
Triple Whammy. You are now paying for: 1) sins of the past 2) projects for the future 3) out of control insurance Old condos are intrinsically worthless, depreciated to zero. Any "owner" is starting OVER, but appreciation is no longer going to happen. Party's over.
Too bad. Either you've lived in an under maintained condo on the cheap (kicked the can...), with a corrupt board, or you bought in a substandard building (speak on a system that allows that to happen!?) Someone unfortunately has to eventually pay for that lifestyle! God forbid it falls on the taxpayer. And I do feel bad for those who unwittingly got trapped in such a situation. Demanding answers can get you alienated pretty quickly in some situations where corruption exists. That's part of the issue as well.
No one wants another building collapse. These condos were over-valued to begin with, and are now worth even less with these deferred maintenance costs.
Condo unit owners can fight all they want. But before they do that, they need to read their own docs. Unfortunately, there is a mask catastrophe about to happen in Florida condo world. That is to say 30 to 40 or more years of deferred maintenance has finally come home to roost. As painful as it is, the maintenance must be done, the construction pairs must be completed, the landscaping must be updated, the insurance must be paid, etc. And there is no getting around it. There are no exemptions and there are no special exceptions. Not sure what to tell condo people but as an insurance broker, I have seen this many many times. The cost of insurance, property, taxes, common area, water, and landscape maintenance plus the need to get large amounts of money into the association bank account so that the parking lot can be repaved or a roof can be redone or electrical and mechanical apparatus replaced can does and will break many people financially. I am not sure what the short term answer is, but the long-term answer seems clear. You got to pay the money or get the hell out.
@@kimfersner1916 Yes it is hard. In older buildings in South Florida the prices are dropping and for some people that’s a great opportunity to buy. But for the people selling, who have to figure out what to do for a place to live it’s gotta be agony.
Let the condo association make their own decisions about maintenance and let them live with the consequences. No government help after a disaster. No insurance companies made to cover them. Put up a sign outside warning about the lack of safety inspections and let the market work.
As a former LCAM in Broward and Miami-Dade County, the Condo Coalition needs to go after the insurance industry by putting pressure on the governor’s office, the Florida Senate, and the Florida Department of Business and Professional Regulation. Maybe it would be easier to pay for milestone repairs if insurance wasn’t half of almost any condominium building’s annual budget. There is an insurance mafia in Florida looking to seize your condo by squeezing you out. Make the state accountable by regulating the insurance industry.
@@richardneilan2392 with all due respect as a register Democrat I would prefer to leave politics out of this, because insurance has been an issue in Florida since August of 1992 when Hurricane Andrew hit Miami. The state of Florida has seen both Republican and Democrat leadership in the last 32 years. Neither side has done anything. It’s about time Americans wake up to the way our 2-party system purposely divides us while both sides steal money from right under our nose. Let’s all be better.
@@richardneilan2392 republicans aren’t the issue with 32 years of both republican and democrat leadership in our state who have done nothing to help constituents.
@@carolweller8911 would love to but I left the industry because of how negative and draining the special assessment meetings became at all of my properties. Make no mistake: the ones who have it the worst right now in Florida are the elderly on fixed incomes in 55+ communities. Super sad to see someone’s grandma cry to you because she’s been on a fixed income for 30+ years and can’t afford her home anymore. My heart was broken too many times to keep on. Plus the late night meetings where people would accuse me (the manager) or the Board of stealing or not doing our job. It began affecting my personal life. I’m an auditor and work from home these days, thankfully.
There's a small glimmer of hope because so many companies were insolvent they were only a few left standing that's why they got together and raised the rates demanding absurd things be done at our buildings now unfortunately with the two hurricanes the new companies that came in are probably freaking out wondering now what do we do God knows what next year is going to bring
@@CaptainGyro that gets passed down to The tenant. That’s how real estate works. Always better to be an owner instead of a renter. Maintenance doesn’t cost hundreds and hundreds of dollars a month
Sorry but the owners who can't afford to pay need to sell just as i did about 25 years ago. My SFR was a maintenance money pit. I simply couldn't afford it anymore. Sold it. I'm now 78 and a renter. Its not gonna kill these people if that's what happens. They've lived in many cases on the cheap for many years. Additionally so many of these buildings are over 30 years old. The cost to maintain will never stop growing. Get out now
They can fight all they want but it will be a tough battle and probably useless. What must happen is prices to go down in order for future owners to be able to afford paying for assessments, repairs , insurance, etc...Also building construction codes need to get even tougher... Current owners will unfortunately get the shaft... If you want to live where hurricanes hit, you should pay for it...
Years ago one Governor of Florida (cant remember which) put all the Home/Condo insurance companies on notice that if they did not insure homes/condo at a fair price or if they pulled out of Florida condo/home insurance market they could NOT do ANY kind of insurance (such as health, car etc) business in the State of Florida. This worked to get the home/condo insurance companies to stay in Florida and created a healthy competition in rates where the home owners/condos could afford flood/home insurance. This needs to happen again. Gov De Santos needs to do this to lower insurance rates for homes/condos. Even after these two hurricanes this year. It seems he is owned by the home/condo insurance companies by not protecting the condo/home owners. Gov De Santos also needs to stop the price gouging of the repairs on condos that are going on now. This is where it's hitting the condo owners tremendously. The rates these builders are charging condos for repairs is insane. Its price gouging which is ILLEGAL to do. I applaud these condo owners for standing up to this gov bullying to force citizens out of their condos. UNITED WE STAND, DIVIDE WE FALL. Do not let the govt divide us into small groups so they can herd the citizens in the direction they want. STAND UP against this tyranny together. This IS where the citizens have POWER = standing UNITED. Wish this group all the best.
Well said. I live in one of those condos and I have little sympathy for the maintenance issue, but I really think the reserve fund needs to be addressed. When buildings have an unexpected repair need a special assessment is imposed on top of regular maintenance. Now condo owners are expected to fund a reserve fund, but wouldn't it be easier to address the reserve fund with unit owners in a different manor. How about owners provide a Letter of Credit guarantee to the HOA for unexpected repairs. Reserve funds have a way of being corrupted by Boards.
It won't work again. Nearly all of the companies that still sell insurance in FL ONLY sell insurance in FL. That is a big part of the problem. This absolutely needed to be done - BUT the main issue with the new regulations is the ridiculously short timeline. It should have been phased in over a longer period of time. Thankfully, the condo I own that my mother lives in is only a two-story building that has been well-maintained. But we still had to do a special assessment to get reserves up to where they should be, also thankfully largely covered by our insurance. But there are several three-story buildings (separate HOAs and finances though) in our complex that ARE affected, and it's a mess.
I told all my family here to sell 5 years ago. did they listen no. Do I feel bad over it NOPE. I do feel bad over being related to people that taught me to think yet they refuse to.
It was thought out years ago. This wasn't a surprise. This is only last minute to those who put their head in the sand. The solution is get the freaking inspection. Those seniors voted down repairs and reserves. It's the fruits of their non labor. Everyone is on a fixed income, not just seniors.
That short snippet of DeSantis was taken out of context. Ron said we have to do something and right after he said I WILL NOT BE ASKING FOR A SPECIAL SESSION.
My understanding is that the inspectors will list every single possible repair that can be done. The reason is that they don't want to be held liable for any type of future problem. The inspector can be sued for not listing a repair. For this reason the repair estimate will be for an outrageous sum. Obviously who benefits is any developer who could rebuild a more "luxury" property after only paying pennies on the dollar. I expect that at the end of the musical chairs of Florida, there will be less individual owners and a much higher percent of renters.
That might not be the worst case. I’m quite wealthy, wealthy enough to live anywhere in the world. I like the idea of owning my own home but where the climate crisis is concerned (Florida coastal communities, for example) I prefer to rent. If the storm of the century is heading my way I just pack my car and drive away, rent somewhere else. Worst case I lose the cost of some furniture left behind. Let the speculators, which is anyone owning property in a high-risk area, take the risk and the loss.
The SIRS while it might be a good idea it has no usage currently because your rating the building right now and at the same time any building three stories or taller have to go through the milestone inspection and with that do a lot of repairs so why do the SIRS study when that is rating a building before the repairs and demanding increased reserves which will be useless once the repairs from the milestone has been done and because every condo is being pushed so hard they are finding alternatives to maintain the building going forward. So the SIRS study should be done 5 years from now and not at this time
Landscaping, pool cleaning, pool furniture, minor maintenance to keep electrical on and elevators moving. There are maintenance periods and replacement periods for all systems in a building. Elevators last 20 years and then should be replaced, a very expensive proposition. It’s not enough to collect, through condo fees, only enough to do the regular maintenance throughout those twenty years; you need to be collecting and setting aside money to eventually replace those elevators. This is where virtually every condo association went wrong. They maintained the installed roof, patching it as necessary to prevent or stop leaks, they painted the building but didn’t attend to concrete spalling before it became deeper rot, they greased the elevator mechanisms, they replaced broken tiles in the lobby only after someone tripped and fell on a loose tile and sued, raising insurance premiums. But they never set aside money for the big stuff, and then the seawall out by the docks collapses and creates a sinkhole in the lawn, potentially undermining the building foundation. All of the above happened in the condo development where I owned from 2009 to 2016. I got out before the big assessments hit, thanks to chance timing (I was moving overseas to climb volcanoes).
The solution is stop making poor financial decisions. Like you said normal income people should not be buying condos especially in FL. It doesn’t make financial sense unless money is not an issue for you.
I’ll bet 99 percent of condo owners would sell knowing that their unit has upcoming special assessments and rising HOA fees if they could get away with it.
@@karley1548 In 2022 when I sold my Florida condo it was ridiculous, people willing to pay more than listed price & didn’t care about increases in HOA fees etc they thought it was the apocalypse of homeownership. HOA fees increase yearly due to insurance & or maintenance needed.
It’s not a surprise. People have been talking about this for a couple years. They want to keep kicking can to the next owner like they have the whole time. All they wanna do is delay
When you buy into an Older Condo with no Full Reserve ,,It is not just if you can afford a Special Assessment . It is more what the financial health of the Condo Association ,Which no buyer can determine ,,,That is also why an older condo purchase is such a high risk... Florida Statues prior these New Law that required a Condo Board could not deferr any repairs that effected the safety of the building and the appearance of.building or any required emergency repair. That is the l Fiduciary of the Board of Directors . . Also any of these issue discussed at a Board Meeting would be in min of the meetings...Any repairs voted on by the boards is the responsibility of the seller , but that is in the grey area make sure you ask before you close.
Condominium corporations has 3 years to get ready and from day one they priority should have been safety over low cost. There is no such thing as living low income budget if you live in ocean front property.
The death blow was already struck,. I would expect that most of the older condos will go into the death spiral when assessments can be only paid by a percentage so that have re-assess and then start foreclosing. Physical death of condo is when either water or power get turned off and the building is condemned. Most owners are long gone by then.
And that percentage who can afford the assessments, if they’re smart, will watch closely to first see their less affluent neighbors pay. I know I wouldn’t want to pay mine only to find out later my money has fallen into some black hole as many of my neighbors defaulted and the association falls into financial ruin. No thank you. I’ll be the last to pay, thanks.
@@CarlWithACamera The numbers they face are beyond their ability to pay. These condos will die and either be converted back to apartments or demolished for the land in most cases. In others the condos will simply stand and decay while the lawsuits are litigated. Any 'fighting back' is impossible as the damage has already been done.
I watched the governor at a town haul he had in Miami Gardens about a month ago. He was saying they were going to look at extending the date for full reserves. He gave an explanation of why this all went down and they were working with some of the board members from the different condos to come up with a solution I really thought he was planning on extending the date and how that would affect seniors and people on fixed income
What if you live in an Ocean front condo that is 30 years old, There is a Special Assessment for $40k per unit for 300 units and 100 people dont have the money .And they cannot get the loan , Yes the Condo Association can place a lien and demand a foreclosure , In mean the time I think the other 200 have to pay the difference the 100 cannot. That is a 4 million dollars shortage ..Then the building the may not have the money to do the required repairs ...Once you have reserve study done the repair have to be done before you can sell , unless it is a cash sale , Then at closing the Assessment with be paid first , Even more complicated what if these repair ,Condemn the building. There there would be no way to even foreclose and sell the 100 unit that could not pay.. I welcome comment if anyone know . Thank you
Yeah, if they are willing to risk their lives living in unsafe condos, it's their choice. Just print the words large and bright - this condo may collapse, buyer beware.
The guy who's got the $224,000 special assessment (if it is the same guy you are talking about) is trying to sell his condo for $499,000. His condo has been on the market for quite a while, and remains unsold to my knowledge. Where is the "millions of dollars" coming from??
Interesting, I dont know about that specific building he is in but I have had hundreds of comments saying those condos sell in the millions and that he will be just fine, sell and walk away with a huge chunk of cash even after paying off his assesment. I have no idea if that is true or not.
@@PalmBeachesPaulThat’s ridiculous. Why would anybody pay a million for a condo then turn around and pay another 224,000$. That’s why it hasn’t sold for $500,000.
@@PalmBeachesPaul The condo is at 3900 Island Blvd in Aventura. It has been on the market for quite some time. His monthly assessment also went up to $3,000 or so. It is a nice place, but not at that cost. I feel sorry for the condo owners, an older couple...
what gets me, nobody in our building wants to go to a board meeting, or be on the board. But everybody has an opinion. I was able to recoup 39,000 from a tax deed sale but I was told we were not entitled to that money by our property management no less. Ifought a year against the insurance company Insisting we needed a new roof. The irony, the renewal for the insurance dropped $190,000 not once was the roof mentioned. Now it's fine. Were smart and found ourselves a new insurance agent. If you don't go to a meeting, you're getting your information through rumor and gossip. Do you think that's fair to yourself or the board? I'm the VP at my dad's building. Go to a board meeting. Get involved. Lend a voice lend a hand. And I'm sorry but if these assessments are so high because you did not fund your reserves, I have no sympathy for you.
It seems very late in the process to get a Condo Coalition group and hire a lobbyist. I certainly feel for the condo owners - especially for the owners that are "new" and will have a massive assessment. Having insurance also going up is a double hit - very sad situation. I had thought of moving to FL as I love visiting there, but looks as though I will not.
How can you fight back against a legal and common sense requirement to maintain your building? Starts with the broker that sold you the condo - full disclosure at the closing?
If you can imagine in a right to work State, the boards are not from the best pool of stewards. I had to meet with some before getting approved. There were red flags.
I have no sympathy for the long time condo owners, condo boards which they have a big say on for decades have under-assessed their maintenance fees, to keep their fees low. People who just bought, I feel for, they have walked into a nightmare. That is why I would never buy a condo, people on boards have every incentive to keep the fees as low as possible. The saying, you can pay me now or pay me later, but you will pay is coming true. The best solution is to take the maintenance fee payment determination out of every condos local elected board’s hands entirely and put it into a neutral third party expert’s determination, based on annual inspections and reports. Or go like regular detached homeowners to a pay go system, of when it breaks, pay for it and fix it.
If I lived in a condo and I found out that it could collapse and I would have to pay 3000 a month guess what I think I would pay the 3000 a month just so I can sleep at night
I am I Broward I moved here 2 years ago. My HOA was $535 , then $735 now it’s up to $900 and &$16000 I am on Fixed income. Now that the SIRS is coming up I cannot afford another Assessment. I am for safety, I am in Lauderhill and the Condos are not selling. My building is mostly owned by Canadian. How can I join this or talk to you. We need help
@@pamelarose7878 if you go look in the section of the video where it has the title on description and all that you'll find a link with their email address and you can reach out to them
It is not logical make no sense that condo owner would approve a Full Reverse Fund after the fact. When the owner first take over from the builders , That is the only logical time to Establish a full reserve clause in the Document of 10 years , .. Condo Association is first established with their Documents and Bylaws are register with the State , a Condo is a Not for Profit Organization. There was no State Law or regulation that prior required Full Reserves...after that fact it take a vote of 80% of the owners to add a Reserve requirement for the Condo..Imagine a. 250 unit condo is 20 years old . it is well maintained and looks great ...How many owners would vote to establish a 10 Full Reserve Fund ,with a Special . l Assessment of $10K to $20k per unit...Common sense would dictate it is not realistic to expect people to establish full reserve after Fact, They must be establish when the unit owner first take over or by the developer in the beginning.
There will be a domino effect that will cause many people to leave FL. You cant outlast the special assessments. There will always be another special assessment until they push you out. You are not building equity. You are paying for the privilege to own in FL. Its a no win deal to own a condo.
It reflects the fact that your purchase has EXPIRED and you no longer own anything. You're starting over and the past "ownership" amounts to nothing. It's a paper tiger.
Sorry but I have very little sympathy for these people. They chose to live by the water knowing the risk and loved those “low” condo fees. Odds are none of them reviewed the condo documents or had an accountant review the condo finances. Now they are all crying and they want the state to help out. Sure they might be successful in getting a delay or stopping the assessments but eventually your building will fall apart. Who will bail you out then? Bottom line is people don’t want to pay for upkeep and maintenance yet they live in a hurricane zone by salt water.
Government should not get involved in the business of ensuring the structural safety of condo buildings by passing a one-size-fits-all law on condo buildings. Let condo owners decide their own safety and fate. If condo buildings collapse, if people die, oh well, that's what property insurance and life insurance are for. Mandating property owners to fix potential problems in their buildings would cause astronomical and unnecessary costs.
What you are saying just leads to more collapsed buildings..... The essential folly of conservatism is the fact that you have to make people do things that benefit society but not themselves. Human Nature 101.
@@leandroflaherty If you don't make people do things that do not benefit them personally they generally won't do those things. And the government can only do "one size fits all", since it is not allowed to show any sort of favoritism toward individuals. We let the board of Champlain Towers South "sort things out", and you see what happend....
And so every delivery person who brings a pizza to your door or that Amazon box has to also understand he could be a victim if the building decides to collapse while he’s there? Every contractor who comes to install a new bathroom vanity or install an extra outlet in your closet or replace your water heater also has to take on the risk of potentially dying in your building? I don’t think you’ve thought this through. Society creates structures and rules and requirements to protect all citizens. And this bears a bit more nuanced thinking than your comment represents.
For decades you moked owners in other states who had to pay for maintenance because of bad big blue states. You changed the lwas so that you could pospone needed rpairs. Now you have to pay the prize for being lazy and cheap.
Hey foghorn leghorn who cares about Florida condos. We don't need no FLA models in any of our states. We'll write our own laws regarding condo owners rights.
All resistance is futile. Desantis and big insurance and developers will CRUSH this. Notice his words "we are not going to change the date "... "Cooperate and you will live...resist..and you be crushed. " This guy needs to go !
DeathSantis doesn't give a damn. He only cares about one address: 1600 Pennsylvania Avenue. Anything and everything the man does is focused on achieving that address. So now that a significant opposition is developing over these rules, you can bet that he will be forced to take action. For the simple fact that to not do anything would hamper his efforts at securing lodging in the above mentioned home. Personally I am glad to see these people taking action. The rules are egregious and will destroy the condo market in this state. Obviously something had to be done, but as usual, they went too far/down the wrong road. I will not live anywhere else but Florida, but I still prefer to refer to this place as Flori-Duh~ Great video!
I know agents in central Florida, land prices are going up because everyone want to move north and build and the land owners know this so prices are going higher and higher.. Supply in demand will always dictate home prices.
@@PalmBeachesPaul Thank you for the advice ! I use to live in Boynon, Now we live 4 hrs north in the country on 10 acres & was concerned if in case I want to sell It will go up in value. 🙂
From what I heard places like Ocala seem to be a hot market and a lot of people are buying up there so hopefully your land is worth a lot if you need someone in the Ocala area let me know I have a friend who is a broker up there
Those fees HOAs are all scams only in USA!!! 6 mill for condo renovation? For that kind of money one could build 6 multiple buildings in other countries and live happily ever after!
I would sell those BS paper houses in FL and move overseas! buy nice brick house in Ukraine or Bulgaria for 100k cash and spend the rest on traveling and open small local business.
That’s what I did in 2016. Sold my Boca Raton intracoastal-front condo and moved to The Philippines, at 54 years old. Not only do I pay less than $800 for a rental condo, spot in the garage for my car and motorcycle, electric and two cell phone plans, but I date the most beautiful and friendly girls on earth. None older than 30. lol
JOIN THE CONDO ALLIANCE- TreasureCoastCondoAlliance@gmail.com
It’s so simple. Do regular maintenance, keep healthy reserves, and do repairs timely.
EXACTLY!! But nobody wants to pay what they should be paying. They all want something for nothing
Condo Owners have had 3 years to get the SIRS and milestone inspections done. These owners would rather risk another building collapse than to pay the higher fees. If they can't afford to live in a condo, then SELL the condo. These owners have been putting off maintenance for 30 years.
@@Andy_puglife yes, over 100 people are dead because the condo owners of that building didn’t want to spend the money on maintenance and safety. The boring improvements, the structural stuff, yes it’s stressful, so is losing your loved ones in a preventable building collapse..
LOL - yeah, because if people who own a glorified apartment can't afford an EXTRA $10k a month for the last 3 years, then they deserve it, amirite? because thats what that ignorant statement effectively states.
Exactly. We had our report done in 2022, and that came in handy when Ian hit, and we needed to recertify safety before power came back on. Some COA boards are dawdling. The financial problem was caused by rules allowing owners to defer reserves. No longer. Surfside was a tragedy caused by mismanagement.
And go where. Easier said than done. Aren't there enough homeless people on the street?
Its tough to get ready for the milestone when insurance is the most expensive line item on any multi-family condominium structure’s annual budget in Florida and premiums have gone up between 35-60% every year since in the three year span you highlighted. The hardware industry for construction materials also inflated their prices during the onset of the pandemic due to scarcity in production because of social distancing, however that’s not an issue anymore and these materials manufacturers haven’t dropped their prices. Let’s not get into how inflated materials pricing affects your replacement cost when calculating your property insurance. That might be too much for you right now.
Make no mistake: the responsibility as to why we’re here is on the State and the Counties; not the condo owners. This level of regulation should have arrived 32 years ago after Hurricane Andrew. The new legislation was conceived under pressure due to so many properties that are the same age as the collapsed Champlain Towers South of Surfside FL being in the same condition. They were asleep at the wheel for 30+ years and KNEW that homeowners were waiving reserve funding for capital expenditures year after year. The State and every coastal county put every property owner in their jurisdiction in this situation.
Building structural integrity inspections should have been on going for the life of the building. Buildings with issues where Inspections have been sidestepped by COA’s because the owners did not want to pay for inspections or repairs is on the COA. This is the “pay me now or pay me later” plan. Sellers of condos must disclose any condition to buyers that affects the value of the unit/home, before the purchase. Also, buyers of condos managed by COA’s in the state of Florida, once a purchase contact has been executed, have 3 days to review the condo docs and cancel the contract with no penalty, for any reason, if they decide to walk on the purchase. This is why it’s extremely important for buyers, whether you are buying, a single family home, a townhome (HOA) of condo (COA) have your own representation on the buy side of a Realestate transaction. What the new law in Fl did was expose how poorly managed and flawed COA’s can be. Allowing home owners to be in charge of a COA is like allowing the fox to guard the henhouse. “Caveat Emptor”!
But these so called "SIRS INSPECTIONS" were never a thing until recently. Had they been part of the deal when people bought, mamy would not have bought. All due to one building on the beach having a section collapse, suddenly this is a sudden change. Not fair. Actually, thug like.
Condos anywhere combine the drawbacks of apartment living, with the costs and responsibilities of home ownership.
Truly the worst of both worlds.
Triple Whammy. You are now paying for:
1) sins of the past
2) projects for the future
3) out of control insurance
Old condos are intrinsically worthless, depreciated to zero. Any "owner" is starting OVER, but appreciation is no longer going to happen. Party's over.
You should watch today's video at 10 AM I think you'll like it
You need to maintain your property period and if this was done all along these prices would have not hit like this fast. .
Too bad. Either you've lived in an under maintained condo on the cheap (kicked the can...), with a corrupt board, or you bought in a substandard building (speak on a system that allows that to happen!?) Someone unfortunately has to eventually pay for that lifestyle! God forbid it falls on the taxpayer. And I do feel bad for those who unwittingly got trapped in such a situation. Demanding answers can get you alienated pretty quickly in some situations where corruption exists. That's part of the issue as well.
Florida condo owners have been under charging for decades. None of them had the cash reserves to properly upkeep the properties
The owners of these old condo should sell out to a developer. The costly maintenance, assessments, and condo fees are going to increase forever.
No one wants another building collapse. These condos were over-valued to begin with, and are now worth even less with these deferred maintenance costs.
Condo unit owners can fight all they want. But before they do that, they need to read their own docs. Unfortunately, there is a mask catastrophe about to happen in Florida condo world. That is to say 30 to 40 or more years of deferred maintenance has finally come home to roost. As painful as it is, the maintenance must be done, the construction pairs must be completed, the landscaping must be updated, the insurance must be paid, etc. And there is no getting around it. There are no exemptions and there are no special exceptions. Not sure what to tell condo people but as an insurance broker, I have seen this many many times. The cost of insurance, property, taxes, common area, water, and landscape maintenance plus the need to get large amounts of money into the association bank account so that the parking lot can be repaved or a roof can be redone or electrical and mechanical apparatus replaced can does and will break many people financially. I am not sure what the short term answer is, but the long-term answer seems clear. You got to pay the money or get the hell out.
It's hard to get out. People are not buying
@@kimfersner1916 Yes it is hard. In older buildings in South Florida the prices are dropping and for some people that’s a great opportunity to buy. But for the people selling, who have to figure out what to do for a place to live it’s gotta be agony.
Let the condo association make their own decisions about maintenance and let them live with the consequences. No government help after a disaster. No insurance companies made to cover them. Put up a sign outside warning about the lack of safety inspections and let the market work.
As a former LCAM in Broward and Miami-Dade County, the Condo Coalition needs to go after the insurance industry by putting pressure on the governor’s office, the Florida Senate, and the Florida Department of Business and Professional Regulation. Maybe it would be easier to pay for milestone repairs if insurance wasn’t half of almost any condominium building’s annual budget. There is an insurance mafia in Florida looking to seize your condo by squeezing you out. Make the state accountable by regulating the insurance industry.
@@richardneilan2392 with all due respect as a register Democrat I would prefer to leave politics out of this, because insurance has been an issue in Florida since August of 1992 when Hurricane Andrew hit Miami. The state of Florida has seen both Republican and Democrat leadership in the last 32 years. Neither side has done anything. It’s about time Americans wake up to the way our 2-party system purposely divides us while both sides steal money from right under our nose. Let’s all be better.
You should volunteer with the coalition and give them the benefit of your experience.
@@richardneilan2392 republicans aren’t the issue with 32 years of both republican and democrat leadership in our state who have done nothing to help constituents.
@@carolweller8911 would love to but I left the industry because of how negative and draining the special assessment meetings became at all of my properties. Make no mistake: the ones who have it the worst right now in Florida are the elderly on fixed incomes in 55+ communities. Super sad to see someone’s grandma cry to you because she’s been on a fixed income for 30+ years and can’t afford her home anymore. My heart was broken too many times to keep on. Plus the late night meetings where people would accuse me (the manager) or the Board of stealing or not doing our job. It began affecting my personal life. I’m an auditor and work from home these days, thankfully.
There's a small glimmer of hope because so many companies were insolvent they were only a few left standing that's why they got together and raised the rates demanding absurd things be done at our buildings now unfortunately with the two hurricanes the new companies that came in are probably freaking out wondering now what do we do God knows what next year is going to bring
Exactly why we don’t live in an hoa or a condo. Screw that
You still have maintenance to pay on your own home.
@@CaptainGyro that gets passed down to
The tenant. That’s how real estate works. Always better to be an owner instead of a renter. Maintenance doesn’t cost hundreds and hundreds of dollars a month
Sorry but the owners who can't afford to pay need to sell just as i did about 25 years ago. My SFR was a maintenance money pit. I simply couldn't afford it anymore. Sold it. I'm now 78 and a renter. Its not gonna kill these people if that's what happens. They've lived in many cases on the cheap for many years. Additionally so many of these buildings are over 30 years old. The cost to maintain will never stop growing. Get out now
Hard to sell. People are not buying😊
They can fight all they want but it will be a tough battle and probably useless. What must happen is prices to go down in order for future owners to be able to afford paying for assessments, repairs , insurance, etc...Also building construction codes need to get even tougher...
Current owners will unfortunately get the shaft...
If you want to live where hurricanes hit, you should pay for it...
Years ago one Governor of Florida (cant remember which) put all the Home/Condo insurance companies on notice that if they did not insure homes/condo at a fair price or if they pulled out of Florida condo/home insurance market they could NOT do ANY kind of insurance (such as health, car etc) business in the State of Florida. This worked to get the home/condo insurance companies to stay in Florida and created a healthy competition in rates where the home owners/condos could afford flood/home insurance. This needs to happen again.
Gov De Santos needs to do this to lower insurance rates for homes/condos. Even after these two hurricanes this year. It seems he is owned by the home/condo insurance companies by not protecting the condo/home owners.
Gov De Santos also needs to stop the price gouging of the repairs on condos that are going on now. This is where it's hitting the condo owners tremendously. The rates these builders are charging condos for repairs is insane. Its price gouging which is ILLEGAL to do.
I applaud these condo owners for standing up to this gov bullying to force citizens out of their condos.
UNITED WE STAND, DIVIDE WE FALL. Do not let the govt divide us into small groups so they can herd the citizens in the direction they want. STAND UP against this tyranny together. This IS where the citizens have POWER = standing UNITED.
Wish this group all the best.
You should be a member of the coalition.
Desantis DOES NOT HAVE solution
Desantis received campaign donations from Fpl to hike electricity, think he could care less. It’s all about the almighty $.
Well said. I live in one of those condos and I have little sympathy for the maintenance issue, but I really think the reserve fund needs to be addressed. When buildings have an unexpected repair need a special assessment is imposed on top of regular maintenance. Now condo owners are expected to fund a reserve fund, but wouldn't it be easier to address the reserve fund with unit owners in a different manor. How about owners provide a Letter of Credit guarantee to the HOA for unexpected repairs. Reserve funds have a way of being corrupted by Boards.
It won't work again. Nearly all of the companies that still sell insurance in FL ONLY sell insurance in FL. That is a big part of the problem.
This absolutely needed to be done - BUT the main issue with the new regulations is the ridiculously short timeline. It should have been phased in over a longer period of time. Thankfully, the condo I own that my mother lives in is only a two-story building that has been well-maintained. But we still had to do a special assessment to get reserves up to where they should be, also thankfully largely covered by our insurance. But there are several three-story buildings (separate HOAs and finances though) in our complex that ARE affected, and it's a mess.
I told all my family here to sell 5 years ago. did they listen no. Do I feel bad over it NOPE. I do feel bad over being related to people that taught me to think yet they refuse to.
It was thought out years ago. This wasn't a surprise. This is only last minute to those who put their head in the sand. The solution is get the freaking inspection. Those seniors voted down repairs and reserves. It's the fruits of their non labor. Everyone is on a fixed income, not just seniors.
No sympathy for anyone who doesn't maintain their stuff.
Wow, I knew there was a crisis coming but I didn't understand the impact till now. Yikes!
That short snippet of DeSantis was taken out of context. Ron said we have to do something and right after he said I WILL NOT BE ASKING FOR A SPECIAL SESSION.
There’s no free lunch in condo ownership maintenance. Buyer beware. If the condo fee seemed too good to be true, it was.
if the structural studies dont stick to timeline and another building falls, politicians will be held accountable and they cant risk that
I have a better chance of winning powerball than my condo building collapsing….its only happened once in history as far as I know…
You can't do preventive maintenance until you fix the problem. It's a very unfortunate issue but you're proposing to kick the can the can again.
Exactly. 3 years ...
My understanding is that the inspectors will list every single possible repair that can be done. The reason is that they don't want to be held liable for any type of future problem. The inspector can be sued for not listing a repair. For this reason the repair estimate will be for an outrageous sum. Obviously who benefits is any developer who could rebuild a more "luxury" property after only paying pennies on the dollar. I expect that at the end of the musical chairs of Florida, there will be less individual owners and a much higher percent of renters.
That might not be the worst case. I’m quite wealthy, wealthy enough to live anywhere in the world. I like the idea of owning my own home but where the climate crisis is concerned (Florida coastal communities, for example) I prefer to rent. If the storm of the century is heading my way I just pack my car and drive away, rent somewhere else. Worst case I lose the cost of some furniture left behind. Let the speculators, which is anyone owning property in a high-risk area, take the risk and the loss.
Good video Paul👍
All properties no matter old or new need maintenance the more you wait the more expensive. Even with cars.
The SIRS while it might be a good idea it has no usage currently because your rating the building right now and at the same time any building three stories or taller have to go through the milestone inspection and with that do a lot of repairs so why do the SIRS study when that is rating a building before the repairs and demanding increased reserves which will be useless once the repairs from the milestone has been done and because every condo is being pushed so hard they are finding alternatives to maintain the building going forward. So the SIRS study should be done 5 years from now and not at this time
Great video Paul!
thanks buddy, just trying to inform the public best I can.
The Three biggest scams! #1 Time share. #2 HOAS. #3 Condos!
What happened to all the HOA funds paid for past 15 yrs
Landscaping, pool cleaning, pool furniture, minor maintenance to keep electrical on and elevators moving. There are maintenance periods and replacement periods for all systems in a building. Elevators last 20 years and then should be replaced, a very expensive proposition. It’s not enough to collect, through condo fees, only enough to do the regular maintenance throughout those twenty years; you need to be collecting and setting aside money to eventually replace those elevators. This is where virtually every condo association went wrong. They maintained the installed roof, patching it as necessary to prevent or stop leaks, they painted the building but didn’t attend to concrete spalling before it became deeper rot, they greased the elevator mechanisms, they replaced broken tiles in the lobby only after someone tripped and fell on a loose tile and sued, raising insurance premiums. But they never set aside money for the big stuff, and then the seawall out by the docks collapses and creates a sinkhole in the lawn, potentially undermining the building foundation. All of the above happened in the condo development where I owned from 2009 to 2016. I got out before the big assessments hit, thanks to chance timing (I was moving overseas to climb volcanoes).
That was only for day-to-day operations, not structural maintenance.
The solution is stop making poor financial decisions. Like you said normal income people should not be buying condos especially in FL. It doesn’t make financial sense unless money is not an issue for you.
@@eliot5220 Some of us peasants already owned our condos before this strong arm robbery began.
@@REDseeScrolls You should sell and take whatever you can get before they raise all your fees.
They should move to a house. 35k for a roof. 25k for plumbing, 25k for insurance
Yes I need help this is ridiculous they trying to take people's houses even if they don't have a mortgage. Help us please
I’ll bet 99 percent of condo owners would sell knowing that their unit has upcoming special assessments and rising HOA fees if they could get away with it.
@@karley1548 In 2022 when I sold my Florida condo it was ridiculous, people willing to pay more than listed price & didn’t care about increases in HOA fees etc they thought it was the apocalypse of homeownership. HOA fees increase yearly due to insurance & or maintenance needed.
It’s not a surprise. People have been talking about this for a couple years. They want to keep kicking can to the next owner like they have the whole time. All they wanna do is delay
Yippie!!! More surfsides!!!🏬BOOM
Yeah baby
When you buy into an Older Condo with no Full Reserve ,,It is not just if you can afford a Special Assessment . It is more what the financial health of the Condo Association ,Which no buyer can determine ,,,That is also why an older condo purchase is such a high risk... Florida Statues prior these New Law that required a Condo Board could not deferr any repairs that effected the safety of the building and the appearance of.building or any required emergency repair. That is the l Fiduciary of the Board of Directors . . Also any of these issue discussed at a Board Meeting would be in min of the meetings...Any repairs voted on by the boards is the responsibility of the seller , but that is in the grey area make sure you ask before you close.
I wish the condo owners of Florida well, but if they fail, they should consider Sarco pods.
Condominium corporations has 3 years to get ready and from day one they priority should have been safety over low cost. There is no such thing as living low income budget if you live in ocean front property.
The death blow was already struck,. I would expect that most of the older condos will go into the death spiral when assessments can be only paid by a percentage so that have re-assess and then start foreclosing. Physical death of condo is when either water or power get turned off and the building is condemned. Most owners are long gone by then.
And that percentage who can afford the assessments, if they’re smart, will watch closely to first see their less affluent neighbors pay. I know I wouldn’t want to pay mine only to find out later my money has fallen into some black hole as many of my neighbors defaulted and the association falls into financial ruin. No thank you. I’ll be the last to pay, thanks.
@@CarlWithACamera The numbers they face are beyond their ability to pay. These condos will die and either be converted back to apartments or demolished for the land in most cases. In others the condos will simply stand and decay while the lawsuits are litigated. Any 'fighting back' is impossible as the damage has already been done.
The answer to poor maintenance is less maintenance.
I watched the governor at a town haul he had in Miami Gardens about a month ago. He was saying they were going to look at extending the date for full reserves. He gave an explanation of why this all went down and they were working with some of the board members from the different condos to come up with a solution I really thought he was planning on extending the date and how that would affect seniors and people on fixed income
What if you live in an Ocean front condo that is 30 years old, There is a Special Assessment for $40k per unit for 300 units and 100 people dont have the money .And they cannot get the loan , Yes the Condo Association can place a lien and demand a foreclosure , In mean the time I think the other 200 have to pay the difference the 100 cannot. That is a 4 million dollars shortage ..Then the building the may not have the money to do the required repairs ...Once you have reserve study done the repair have to be done before you can sell , unless it is a cash sale , Then at closing the Assessment with be paid first , Even more complicated what if these repair ,Condemn the building. There there would be no way to even foreclose and sell the 100 unit that could not pay.. I welcome comment if anyone know . Thank you
Yeah, if they are willing to risk their lives living in unsafe condos, it's their choice. Just print the words large and bright - this condo may collapse, buyer beware.
Are you talking about someone else bailing them out? Tax dollars for instance.
The guy who's got the $224,000 special assessment (if it is the same guy you are talking about) is trying to sell his condo for $499,000. His condo has been on the market for quite a while, and remains unsold to my knowledge. Where is the "millions of dollars" coming from??
Interesting, I dont know about that specific building he is in but I have had hundreds of comments saying those condos sell in the millions and that he will be just fine, sell and walk away with a huge chunk of cash even after paying off his assesment. I have no idea if that is true or not.
@@PalmBeachesPaulThat’s ridiculous. Why would anybody pay a million for a condo then turn around and pay another 224,000$. That’s why it hasn’t sold for $500,000.
The assessment reflects the depreciation of value of the place. If it's worth 500K when fixed and it takes 250K to fix it, well, then do the math!!!
@@PalmBeachesPaul The condo is at 3900 Island Blvd in Aventura. It has been on the market for quite some time. His monthly assessment also went up to $3,000 or so. It is a nice place, but not at that cost. I feel sorry for the condo owners, an older couple...
what gets me, nobody in our building wants to go to a board meeting, or be on the board. But everybody has an opinion. I was able to recoup 39,000 from a tax deed sale but I was told we were not entitled to that money by our property management no less. Ifought a year against the insurance company Insisting we needed a new roof. The irony, the renewal for the insurance dropped $190,000 not once was the roof mentioned. Now it's fine. Were smart and found ourselves a new insurance agent. If you don't go to a meeting, you're getting your information through rumor and gossip. Do you think that's fair to yourself or the board? I'm the VP at my dad's building. Go to a board meeting. Get involved. Lend a voice lend a hand. And I'm sorry but if these assessments are so high because you did not fund your reserves, I have no sympathy for you.
The best part of this video was the Halloween decorations!! West Palm Condo owner
😄👻thx I guess?
@@PalmBeachesPaul Sorry Condo life makes me mad these days
It seems very late in the process to get a Condo Coalition group and hire a lobbyist. I certainly feel for the condo owners - especially for the owners that are "new" and will have a massive assessment. Having insurance also going up is a double hit - very sad situation. I had thought of moving to FL as I love visiting there, but looks as though I will not.
How can you fight back against a legal and common sense requirement to maintain your building?
Starts with the broker that sold you the condo - full disclosure at the closing?
@@jenseninsulation2202 had nothing to do with the broker. They could have bought their condo 20 yrs ago and nothing was wrong with the building then.
Somebody wants to steal lots of people's property!?!?
If you can imagine in a right to work State, the boards are not from the best pool of stewards. I had to meet with some before getting approved. There were red flags.
VOTE VOTE VOTE
I have no sympathy for the long time condo owners, condo boards which they have a big say on for decades have under-assessed their maintenance fees, to keep their fees low. People who just bought, I feel for, they have walked into a nightmare. That is why I would never buy a condo, people on boards have every incentive to keep the fees as low as possible. The saying, you can pay me now or pay me later, but you will pay is coming true. The best solution is to take the maintenance fee payment determination out of every condos local elected board’s hands entirely and put it into a neutral third party expert’s determination, based on annual inspections and reports. Or go like regular detached homeowners to a pay go system, of when it breaks, pay for it and fix it.
If I lived in a condo and I found out that it could collapse and I would have to pay 3000 a month guess what I think I would pay the 3000 a month just so I can sleep at night
I am I Broward I moved here 2 years ago. My HOA was $535 , then $735 now it’s up to $900 and &$16000 I am on Fixed income. Now that the SIRS is coming up I cannot afford another Assessment. I am for safety, I am in Lauderhill and the Condos are not selling. My building is mostly owned by Canadian. How can I join this or talk to you. We need help
@@pamelarose7878 if you go look in the section of the video where it has the title on description and all that you'll find a link with their email address and you can reach out to them
How many months was the $3000/month assessment for?
sorry, it didnt say
$6 million divided by number of condos divided by 12 = oh crap time to sell
Where is this beautiful 😍 neighborhood in the Palm Beaches you are walking in ?
It is not logical make no sense that condo owner would approve a Full Reverse Fund after the fact. When the owner first take over from the builders , That is the only logical time to Establish a full reserve clause in the Document of 10 years , .. Condo Association is first established with their Documents and Bylaws are register with the State , a Condo is a Not for Profit Organization. There was no State Law or regulation that prior required Full Reserves...after that fact it take a vote of 80% of the owners to add a Reserve requirement for the Condo..Imagine a. 250 unit condo is 20 years old . it is well maintained and looks great ...How many owners would vote to establish a 10 Full Reserve Fund ,with a Special . l Assessment of $10K to $20k per unit...Common sense would dictate it is not realistic to expect people to establish full reserve after Fact, They must be establish when the unit owner first take over or by the developer in the beginning.
There will be a domino effect that will cause many people to leave FL. You cant outlast the special assessments. There will always be another special assessment until they push you out. You are not building equity. You are paying for the privilege to own in FL. Its a no win deal to own a condo.
It reflects the fact that your purchase has EXPIRED and you no longer own anything. You're starting over and the past "ownership" amounts to nothing. It's a paper tiger.
Ahh...the true cost of socialized living comes due eventually.
Sorry but I have very little sympathy for these people. They chose to live by the water knowing the risk and loved those “low” condo fees. Odds are none of them reviewed the condo documents or had an accountant review the condo finances. Now they are all crying and they want the state to help out. Sure they might be successful in getting a delay or stopping the assessments but eventually your building will fall apart. Who will bail you out then? Bottom line is people don’t want to pay for upkeep and maintenance yet they live in a hurricane zone by salt water.
Government should not get involved in the business of ensuring the structural safety of condo buildings by passing a one-size-fits-all law on condo buildings. Let condo owners decide their own safety and fate. If condo buildings collapse, if people die, oh well, that's what property insurance and life insurance are for. Mandating property owners to fix potential problems in their buildings would cause astronomical and unnecessary costs.
What you are saying just leads to more collapsed buildings.....
The essential folly of conservatism is the fact that you have to make people do things that benefit society but not themselves. Human Nature 101.
You dont have to make people do anything, thats the whole point. Stop micro managing one aize fits all policy. Let individuals sort things out.
@@leandroflaherty If you don't make people do things that do not benefit them personally they generally won't do those things. And the government can only do "one size fits all", since it is not allowed to show any sort of favoritism toward individuals.
We let the board of Champlain Towers South "sort things out", and you see what happend....
And so every delivery person who brings a pizza to your door or that Amazon box has to also understand he could be a victim if the building decides to collapse while he’s there? Every contractor who comes to install a new bathroom vanity or install an extra outlet in your closet or replace your water heater also has to take on the risk of potentially dying in your building? I don’t think you’ve thought this through. Society creates structures and rules and requirements to protect all citizens. And this bears a bit more nuanced thinking than your comment represents.
Gee another walking and talking real-estate wizard how original
I sense nefarious activities 😮😮😮. I smell a rat.
For decades you moked owners in other states who had to pay for maintenance because of bad big blue states. You changed the lwas so that you could pospone needed rpairs. Now you have to pay the prize for being lazy and cheap.
Hey foghorn leghorn who cares about Florida condos. We don't need no FLA models in any of our states. We'll write our own laws regarding condo owners rights.
@@richardneilan2392Nazi republican bullsht straight out of FLA De Satans pit of hell. Just to steal money from the Nation.
You have way too much Word Salad Bro.
8:41 seconds to get to point of your video is brutal.
Haha, you watched all the way just to make that comment. There’s lots of other UA-cam channels. Heck, you could even start your own.
All resistance is futile. Desantis and big insurance and developers will CRUSH this. Notice his words "we are not going to change the date "... "Cooperate and you will live...resist..and you be crushed. " This guy needs to go !
If you dont like free republican capitalism, move! If youre in real estate, get fn lost!
Correction: free republican crony-capitalism.
DeathSantis doesn't give a damn. He only cares about one address: 1600 Pennsylvania Avenue. Anything and everything the man does is focused on achieving that address.
So now that a significant opposition is developing over these rules, you can bet that he will be forced to take action. For the simple fact that to not do anything would hamper his efforts at securing lodging in the above mentioned home.
Personally I am glad to see these people taking action. The rules are egregious and will destroy the condo market in this state. Obviously something had to be done, but as usual, they went too far/down the wrong road. I will not live anywhere else but Florida, but I still prefer to refer to this place as Flori-Duh~
Great video!
Hello how is the real estate market for land with home central Fl, Will it go up in value ?
I know agents in central Florida, land prices are going up because everyone want to move north and build and the land owners know this so prices are going higher and higher.. Supply in demand will always dictate home prices.
@@PalmBeachesPaul Thank you for the advice ! I use to live in Boynon, Now we live 4 hrs north in the country on 10 acres & was concerned if in case I want to sell It will go up in value. 🙂
From what I heard places like Ocala seem to be a hot market and a lot of people are buying up there so hopefully your land is worth a lot if you need someone in the Ocala area let me know I have a friend who is a broker up there
Those fees HOAs are all scams only in USA!!! 6 mill for condo renovation? For that kind of money one could build 6 multiple buildings in other countries and live happily ever after!
I would sell those BS paper houses in FL and move overseas! buy nice brick house in Ukraine or Bulgaria for 100k cash and spend the rest on traveling and open small local business.
That’s what I did in 2016. Sold my Boca Raton intracoastal-front condo and moved to The Philippines, at 54 years old. Not only do I pay less than $800 for a rental condo, spot in the garage for my car and motorcycle, electric and two cell phone plans, but I date the most beautiful and friendly girls on earth. None older than 30. lol
@@CarlWithACamera 😎👌🤞🙏
Good luck especially in Ukraine.
Living that life Carl 😃
@@PalmBeachesPaulcancer free, finally. That was an episode I don’t want to repeat. I’ll be back next year to look around Florida again.